2021 full-year results

Published on 11 March 2022
  • Strong delivery of the SPIE model
  • Leverage at all-time low
  • Entering 2022 with a record backlog and solid fundamentals

Strong rebound in 2021: revenue in line with 2019, EBITA margin higher than pre-Covid level

  • Revenue: €6,970.9 m, up +4.9% vs. 2020R1 (+3.2% organic) and in line with 2019 (+0.1%) 
  • Strong rebound in EBITA: €426.7 m, up +25.7% vs. 2020R1
  • EBITA margin: 6.1%, up 100 bps vs. 2020 and 10 bps higher than in 2019
  • Adjusted net income: €243.1 m (+38.0%); net income Group share: €169.1 m (+217.9%)
  • Recommended dividend: €0.60 per share2, up 36.4%  

Another year of best-in-class cash generation; leverage at all-time low 

  • Free cash flow: €268.0 m despite pay back of 2020 social charges and taxes deferrals
  • Working capital: (43) days of revenue at end December 2021, improved by (6) days on an underlying basis compared to end December 2020
  • Outstanding deleveraging, to 1.8x at end December 20213 (2.4x at end December 2020)

Intensified M&A activity to further enhance growth profile and accelerate value creation

  • Acquisition of Worksphere closed on January 27th, 2022: establishing leadership in the Netherlands through a highly synergistic and value-creating transaction 
  • Bolt-on M&A: strong delivery in 20214 with 8 acquisitions totalling €277 m annual revenue, focused on the Group’s strategic priorities

Unabated focus on sustainability

  • EU taxonomy-aligned revenue progressing from 41% in 2020 to 42% in 2021
  • 65% of 2021 revenue with positive Net Environmental Contribution 
  • Carbon footprint reduction objectives validated by the Science Based Targets initiative

2022 outook 

  • Organic growth: at least +3.0%, increasing compared to pre-covid levels (+2%) 
  • Stepped-up bolt-on M&A: total full-year revenue to be acquired in 2022 in the order of €250 m (excluding Worksphere)
  • Continued EBITA margin progression 
  • Leverage ratio3 broadly stable including Worksphere and bolt-on acquisitions

This outlook does not take into account any major impact related to the Ukrainian crisis. At SPIE, we have no activity in Ukraine nor Russia and we are closely monitoring any potential consequences on our customers. 

Gauthier Louette, Chairman & CEO, said:SPIE delivered solid results in 2021: revenue was back in line with 2019, and our EBITA margin exceeded pre Covid levels, reflecting our strict commitment to operational and financial discipline. Cash generation was once again very strong, leading to a 1.8x all-time low leverage, while financing 8 bolt-on acquisitions totalling €277 million of full-year revenue. In addition, the recent closing of the acquisition of Worksphere, a Dutch leader in smart and sustainable building services, with revenue in excess of €400 million, makes SPIE the largest multi-technical services company in the Netherlands. 

Our focus on sustainability remained unabated in 2021. In particular, the share of our revenue aligned with the EU taxonomy for sustainable activities increased to 42%. More broadly, 65% of our revenue has a positive contribution to climate change mitigation. SPIE is naturally positioned as a key contributor to the energy transition and the digital transformation in Europe, whose urgency currently results in growing demand for our services, compounded by European stimulus plans.  

Although we have no direct exposure in Russia and Ukraine, we will closely monitor any impact of the Ukraine crisis on our customers. 

We enter 2022 with a record backlog and SPIE has all the fundamentals to deliver a solid performance and create further value for all its stakeholders.’ 


Read the complete 2021 Full-Year results here.


Conference call for investors and analysts

Date: Friday, March 11th, 2022
9.00 am CET - 8.00 am GMT 

Gauthier Louette, Chairman & CEO
Michel Delville, Group CFO

Dial-in details: 
•    FR : +33 (0) 1 7037 7166               
•    UK (Standard International Access) : +44 (0) 33 0551 0200
•    Password : SPIE



[1] Restated to include the contribution of the unsold part of former SAG Gas & Offshore activities (2020 revenue: €3.5m; 2020 EBITA: €0.2m), previously presented as discontinued activities and reintegrated into the continued perimeter in December 2021
[2] Subject to shareholders’ approval at the next Annual General Meeting on May 11th, 2022
[3] Ratio of net debt at end December to pro forma EBITDA for the full year, excluding the impact of IFRS 16
[4] Including the acquisition of Nexotech (2020 revenue: €25m) which was announced in December 2021 but closed on February 1st , 2022